Sen. Joe Manchin (D-W.Va.) argues President Joe Biden’s administration and the Federal Reserve “failed” to react quickly to address inflation.
In a lengthy statement on Tuesday, Manchin reacted to data from the Labor Department, which found that inflation hit 8.5% in March compared to the same month last year, the highest rate since Dec. 1981.
“Let me be clear, inflation is a tax and today’s historic inflation data tells another chilling story about how these taxes on Americans are completely out of control,” Manchin said.
He continued, “Hard earned wages and financial savings are disappearing faster every month as prices continue to climb, while the pain and frustration of spending more on everyday items lingers over us all, especially among those who can afford it the least.”
Specifically, he pointed out that compared to Mar. 2021, gas is up 48%, beef is up 16%, chicken and milk are up 13%, additionally coffee and eggs are up 11%.
Manchin went on:
“When will this end? It is a disservice to the American people to act as if inflation is a new phenomenon. The Federal Reserve and the Administration failed to act fast enough, and today’s data is a snapshot in time of the consequences being felt across the country. Instead of acting boldly, our elected leaders and the Federal Reserve continue to respond with half-measures and rhetorical failures searching for where to lay the blame. The American people deserve the truth about why record inflation is happening and what must be done to control it.”
Read the statement below:
My statement on consumer inflation rising to 8.5%, the largest 12 month increase in four decades: pic.twitter.com/qlKlDVU2Vu
— Senator Joe Manchin (@Sen_JoeManchin) April 12, 2022
Finally, Manchin said, “Here is the truth, we cannot spend our way to a balanced, healthy economy and continue adding to our $30 trillion national debt. Getting inflation under control will require more aggressive action by a Federal Reserve that waited too long to act. It demands the Administration and Congress, Democrats and Republicans alike, support an all-the-above energy policy because that is the only way to bring down the high price of gas and energy while attacking climate change,”
“The inflation number today is only the beginning unless we take immediate action to address the pain being felt across our nation. This is one problem facing the American people that one political party alone cannot fix. The American people cannot wait any longer,” he added.
Inflation rose to 8.5% in March as gas and food prices continued to climb in the wake of Russia’s invasion of Ukraine.
According to the Labor Department, the consumer price index (CPI) — a measure of the price of goods and services — rose at its fastest pace in March since Dec. 1981.
March is the sixth consecutive month inflation was above 6%.
The core price index, which does not include food or energy prices, rose 6.5% in March, up from 6.4% in February.
That was the largest annual increase since Aug. 1982.
In Dec. 2021, Manchin sunk Democrats’ hopes of passing a nearly $2 trillion spending package as he voiced concerns that it would fuel inflation.
